Over the last week, I have spent way too many late nights watching Olympic coverage from Beijing.

An Olympic-watching party would be a lot of fun.  Pick a big event (the basketball final, the decathlon, the Closing ceremonies) or something random and invite friends in to watch. 

Make it easy on yourself and pick up take out food from a local Chinese restaurant.  Invite folks to come in one of the five Olympic colors (black, blue, green, red, yellow).  Hand out cheap flags to wave.  (For countries other than the US, print a flag out on a color printer and glue it to a bamboo skewer withthe point cut off.)  Have people draw names of competitors or countries and give silly prizes for the one who wins the most medals.

Be light-hearted and informal and enjoy the Games.